Samoa Mutual Fund_Private_Guideline
Samoa Private Fund
Private fund is an international mutual fund:
- that has no more than 250 investors, who cannot act in a nominee capacity, and that the minimum aggregate equity interest purchasable by a prospective investor is $25,000 dollars or its equivalent in any other currency; or
- that specifies that the making of an invitation to subscribe for or purchase shares issued by the international mutual fund is to be made on a private basis, and includes an invitation which is made
- to specified persons (howsoever described) and is not calculated to result in shares becoming available to other persons or to a large number of investors; or
- by reason of a private or business connection between the person making the invitation and the investor; or
- which is designated as a private fund by regulations
The entity making the application is:
The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
The company must have a resident director who must be a natural person
|Compliance Officer||The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.|
The Applicant must employ at least one individual who is licensed as a principal.
The Principle must:
|Fund Administrator||The Applicant must employ a fund administrator with no local requirement|
|Fund Manager||The company is required to appoint and maintain at all times a registered fund manager which must be a licensed trustee company to protect investors and creditors and ensure compliance with the Act.|
|Custodian||The applicant must have a licensed/approved custodian at all ttimes.|
|Local Office||The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the SIFA|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator|
|Minimum Capital Requirements|
- Licenses are to be renewed annually after the date of registration.
- Filing of Audited Accounts
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s business.
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